The Reserve Bank of India (RBI) on Friday said it has imposed a penalty of Rs 2.5 crore on Jammu and Kashmir Bank (J&K Bank) for non-compliance with certain directions. Bank of Maharashtra has also been fined Rs 1.45 crore for non-compliance of certain directions issued by the RBI.

In another statement, the central bank said a penalty of Rs 30 lakh has been imposed on Axis Bank. It added that the bank had levied penal charges in some accounts for late payment of credit card dues.

However, the customers had paid the dues by the due date through other means. RBI said the penalty is based on deficiencies in regulatory compliance.

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Jammu and Kashmir Bank has increased FD interest rates after the Reserve Bank of India (RBI) increased the repo rate to 6.5 percent. The increased interest rates of the bank have come into effect from 11 February.

FD interest rates of Jammu and Kashmir Bank

3.50 percent interest will continue to be available on FDs of 7 days to 30 days in J&K Bank. Whereas for a period of 31 days to 45 days, this interest rate will be 3.70 percent.

Jammu and Kashmir Bank has increased the FD interest rate by 0.25 percent for a period of 46 days to 180 days. Now it has become 4.75 percent instead of 4.50 percent. And for a period of 181 days to 270 days, the FD interest rate will be 5.50 percent.

Will get more interest on FD of 2 years

6 percent interest will be available on FD in J&K Bank for a period of 271 to 364 days. Earlier it was 5.75 percent. At the same time, the bank FD interest rate will be 7.25 percent for a period of one year to 2 years. Earlier it was 6.75 percent.

For FDs of two years to three years, customers in the bank will get 6.75 percent interest. While the bank will pay 6.50 percent interest on FDs with a period of 3 to 10 years.

J&K Bank working since 1938

Jammu & Kashmir Bank was started in 1938. Its head office is in Srinagar. Then Maharaja Hari Singh of Jammu and Kashmir started this bank with a paid-up capital of only Rs 5 lakh. It is one of the oldest commercial and private sector banks in the country.

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